From Property Week | By Richard Williams | Thu 9 May 2019
Auriens has secured a £185m debt facility from Goldman Sachs to fund the development of a luxury retirement living scheme in Chelsea, west London.
The retirement living specialist and its equity partner Zenprop will use the four-year loan facility from Goldman’s merchant banking division to build a 55-unit scheme (pictured) just off King’s Road.
Due for completion by the end of 2020, the scheme will offer one- and two-bedroom apartments for rent, starting at £130,000 a year for a 977 sq ft, one-bedroom apartment.
The apartments will feature integrated state-of-the-art technology and offer care provision.
Auriens co-founder Johnny Sandelson said that it had already received interest in 20 units. “The continued confidence and interest from both backers and prospective residents in Auriens Chelsea has taught us that there is strong demand for this quality product,” he said.
Multiplex Construction Europe has been awarded an £80m contract to build the scheme, which will also feature a swimming pool, gym, 24-hour concierge, cinema room and gardens.
Auriens co-founder David Meagher said: “It’s fair to say that there were a number of times when we feared that Brexit complications might halt our progress, but we are delighted that everything is proceeding as planned.”
The news comes after Auriens’ proposed 142-home scheme at the nearby Heythrop College site in Kensington was called in by Mayor of London Sadiq Khan last week.
Although the scheme was approved by the Royal Borough of Kensington and Chelsea, the mayor called it in as it only provided five affordable homes.
Auriens had argued that the care home units were not conventional housing and therefore did not trigger an affordable housing obligation.
“This planning delay is a setback, but we believe we will be vindicated by the appeal process,” said Sandelson. “It’s a 3.5-acre site in the heart of Kensington, which will provide a further 142 extra care units and deliver on affordable housing.”